[ACCESSWIRE]
LONGMONT, CO / ACCESSWIRE / July 30, 2015 / MediJane Holdings, Inc. ("MediJane") a
publicly-trade company (OTCMarkets: MJMD), operating as a wholesaler and
product distribution company within the legalized cannabis industries, is
pleased to announce its fiscal year 2016 strategic plan for refocusing,
restructuring and recapitalization.
The board of directors of MediJane met recently to
vote and enact several resolutions. Included in those resolutions were plans
to reposition MediJane's business strategy, product offerings, and stock plans.
Core objectives of MediJane's 2016 strategic
plan include its positioning for long-term financing, significantly
increasing revenues, and enhancing value to our shareholders. As
part of these actions, the board of directors has determined it to be in
MediJane's best interest to restructure MediJane's common shares, while
creating a new series of preferred stock. The board of directors
also believes it to be in the best short-term and long-term interests of
the shareholders to focus MediJane's energy and resources on
creating medical products infused with cannabidiol (CBD), rather than
traditional medical marijuana products at this time.
MediJane has restructured its agreement with
Phoenix Bio Pharmaceuticals Corporation to limit its business scope to only
products containing CBD derived from industrial hemp, as defined in the 2014
U.S. Farming Bill. These products are required to contain less than 0.3%
tetra-hydra-cannabinol. The focus of products remain on medically-oriented
delivery systems and products infused with cannabinoids.
MediJane will proceed with the formulation and
launch of new product lines designed to be sold nationally and
internationally in countries with CBD regulations or, as known in the
United States, 'Charlottes Web' laws. These products include new
formulations for CBD Daily Wellness capsules, tongue strips, sublingual
sprays, lozenges, topical skin treatments, and transdermal patches.
As part of the refined strategy, MediJane, with the
authorization of its board of directors and with the consent of the
majority of its shareholders, has authorized the creation of a series of
preferred share classes and a reverse split of the common shares MediJane.
MediJane intends to file all appropriate documentation with the relevant
and required agencies within the next thirty-days.
Lewis Humer, MediJane's Chairman stated, "The
creation of the new series of share classes, we believe will better position
MediJane for potential future institutional and private investment to help fund
the business operations and our newly-refined strategy. These moves should also
allow us to resolve some outstanding obligations of MediJane, to remove some
roadblocks for growth, and to strengthen the prospects of MediJane for
stability, sustainability, and scalability. It's our expectation that we
have made necessary and appropriate modifications to MediJane's business model
and share structures to meet the immediate needs of the market and to best
serve all of our shareholders."
Additionally, MediJane has resolved to expand its
board of directors to include three additional independent directors. In
conjunction with this action, the members of the board have unanimously voted
to engage a number of professional advisors in the fields of medicine, science
and technology, as well as engaging supplemental legal, compliance, and
investor relations resources.
Humer concluded, "It's always been our intention to
attract, engage, and retain a broad spectrum of professional advisors and
board members. It's vital we continue to add diversity and expand the
range of voices, perspectives, and skill-sets in the people supporting our
mission and serving our shareholders. We believe MediJane
is now significantly better poised for growth and represents a rewarding
challenge and attractive opportunity for top-notch people to join our
team."
Russell Stone, Director, added, "This new plan
allows us the opportunity to strengthen our balance sheet, affixes our capital
structure and is set to provide the working capital necessary to fund our
growth. I know our shareholders have been patiently awaiting information while
we have been working diligently to prepare for this repositioning. This process
has taken longer than we originally estimated. We can now move forward with a
decisive strategy committed to a plan of controlled profitable growth and
increasing shareholder value."
About MediJane Holdings Inc. (MJMD)
MediJane is in the business of marketing and
distributing products within the legal medical cannabis industry,
including transdermal patches, capsules, sublingual sprays, oral strips,
and other medical products infused with cannabidiol (CBD). MediJane products
give doctors, medical professionals and patient advocates the ability to
provide patients accurate doses of cannabinoids to manage and treat pain and
other specific illnesses.
For more information, visit www.medijane.co.
Investor Contact:
MediJane Holdings
Inc.
(720) 442-7242
E-mail: [email protected]
Website: http://www.medijane.co
Disclaimer/Safe Harbor: Some information in this
MediJane press release constitutes forward-looking statements or
statements which may be deemed or construed to be forward-looking
statements. The words "plan," "forecast," "anticipates," "estimate," "project," "intend," "expect," "should," "believe," and
similar expressions are intended to identify forward-looking statements.
These forward-looking statements involve, and are subject to, known and unknown risks,
uncertainties and other factors which could cause MediJane's
actual results, performance (financial or operating) or achievements to
differ from the future results, performance (financial or operating) or
achievements expressed or implied by such forward-looking statements. The
risks, uncertainties and other factors are more fully discussed in
MediJane's filings with the U.S. Securities and Exchange Commission. All
forward-looking statements attributable to MediJane herein are expressly
qualified in their entirety by the above-mentioned cautionary statement.
MediJane disclaims any obligation to update forward-looking statements
contained in this press release, except as may be required by law.
FDA Disclosure: Any and all medically oriented statements and products
have not been evaluated by the Food and Drug Administration.
SOURCE: MediJane Holdings Inc
